The Naira depreciated by N72.58 against the dollar as Foreign Exchange (FX) turnover transactions reached $7.39 billion by the end of July 2024, compared to June, according to the FMDQ financial market report.
In terms of Naira, the FX turnover in July amounted to N11.48 trillion, higher than the N10.01 trillion recorded in the previous month.
Measured in dollars, the FX market turnover in July saw a 10.02 percent increase month-on-month, rising by $0.67 billion from $6.72 billion in June.
Additionally, the Naira weakened against the dollar, with the spot exchange rate increasing by 4.88 percent to an average of N1,560.32 per dollar in July, up from N1,487.74 per dollar in June.
This indicates that exchange rate volatility also rose in July, as the Naira traded between N1,500.32 and N1,621.12 per dollar, compared to the June range of N1,473.66 to N1,510.10 per dollar.
At the close of last week, the Naira appreciated slightly by 62 basis points to N1,570.14 per dollar in the official market. Meanwhile, the turnover reached $120.81 million, with an intra-day high and low of N1,606 per dollar and N1,496 per dollar, respectively.
The Central Bank of Nigeria’s Business Expectations Survey, released last week, anticipates further depreciation of the Naira against the dollar over the next three months, but expects some appreciation within six months.
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